This ETF is based on the S-Network Composite Closed-End Fund Index, which tracks the performance of closed-end funds that invest in investment-grade fixed-income securities and high-yield fixed-income securities, as well as those that utilize an equity option writing strategy. PCEF charges an expense ratio of just 50 basis points, but acquired fund fees and expenses of 1.31% results in an "all-in" expense ratio of 1.81%.

This expense ratio hasn't deterred many investors; PCEF has accumulated nearly $40 million in assets less than a month after its launch.

At the time of publication, Johnston had no positions in securities mentioned.

Michael Johnston is the senior analyst and founder of ETF Database, a Web-based investment resource providing actionable ETF investment ideas and an ETF Screener for investors analyzing potential ETF investments. Johnston oversees ETF Database's free ETF Newsletter, one of the most popular sources for news and commentary focusing exclusively on the exchange-traded fund industry. Johnston also maintains and develops content for ETFdb Pro, a line of analyst reports and model portfolios designed to help investors utilize ETFs to meet their investment goals.

Johnston has completed the Chartered Financial Analyst (CFA) program, and obtained his bachelor's degree in finance from the University of Notre Dame. Prior to founding ETF Database, Michael worked in a private client service group performing valuations of companies operating in a wide range of industries.